Advocates of greater accountability for executives in the banking sector cheered this week when Wells Fargo Chairman and Chief Executive John Stumpf lost both his jobs.
Stumpf’s defenestration made him by far the highest-ranking banker to take the fall for his company’s misdeeds — in this case a scandal in which Wells Fargo bankers opened bogus accounts for customers and others without their knowledge, all to meet relentless quotas imposed by higher-ups.
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